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Sep 18, 2023 · Cost, insurance, and freight (CIF) is an international commerce term and only applies to goods shipped via a waterway or ocean. With cost, insurance, and freight, the seller covers the...
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Who pays for shipping under CIF Incoterms?
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What does CIF mean under the Incoterms 2020 rules?
Aug 13, 2024 · Gain a comprehensive understanding of CIF Incoterms in 2024. Learn how sellers cover costs until goods are loaded, shipped, and insured at the named port.
CIF (Incoterm®) - the seller pays for the freight insurance and delivery of goods to the end port. Once on the ship, it is the buyer's risk.
CIF is a Shipping Incoterm that stands for: Cost, Insurance, Freight agreement, with the seller holding responsibility for all three. When purchasing internationally, the seller is responsible for exporting the cargo and shipping it until they arrive at the destination port, while insuring the cargo throughout the voyage.
Jun 3, 2023 · The abbreviation itself encapsulates the three key components that define the seller’s responsibilities under CIF: the cost of the goods, insurance coverage during transit, and the freight or shipping charges to transport the goods to a specified destination.
May 15, 2020 · CIF Incoterms® meaning. There are 11 Incoterms® rules in total, and CIF – standing for cost, insurance and freight – is one of four that relate only to waterbound transportation. That means either sea freight or transportation via inland waterways. CIF shouldn’t be used for air or land transportation, or for containerized goods.
Oct 4, 2023 · Under the Incoterms 2020 rules, CIF means the seller is responsible for loading goods on board the international vessel, cost of carriage to the port on the buyer's side, and insurance to that point. Liability for the goods transfers to the buyer as soon as the goods are loaded on the vessel.
